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Gold defends trend line 3 times in 3 days - turning point?

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#1 Wed, Jun 15, 2011 - 9:19am
Citizen Doctor
Joined: Jun 15, 2011

Gold defends trend line 3 times in 3 days - turning point?

Gold just defended it's medium term trend line for the third time in 3 days. What amazes me is the precision of the defense. I drew the yellow line below at least a week ago based on the Min/Max charting option on Oanda, which captures the momentary low/high.

Here is the long term version

If the intermediate trend line going back to early this year breaks, it's a big deal. But someone is defending it with precision. So I think right now is a good time to go long with a tight stop. More conservatively, wait for gold to break up through the descending blue line to go long.

Edited by: Citizen Doctor on Nov 8, 2014 - 5:31am

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